Biopharmaceutical company Alvotech and Changchun High & New Technology (CCHN) have entered into a joint venture. Alvotech, headquartered in Iceland, is developing biosimilar monoclonal antibodies and is the sister company of Alvogen – a global leader in developing, manufacturing and selling generic, brand, over-the-counter and biosimilar products.
The joint venture will enable Alvotech and Alvogen to globally expand the development, manufacturing and commercialization of the biosimilar portfolio in China, beginning with a state-of-the-art biologics drug facility.
CCHN is an established leader in China, with in-depth market knowledge and expertise. CCHN will contribute $100-million USD to the venture, with Alvotech contributing capital and six drug-market authorizations, valued at $100-million USD.
Life science companies, such as drug development companies and biopharmaceuticals, incorporated in Iceland benefit from low corporate tax and encouraging financial incentives for the clinical trial R&D and commercial applications. To learn more, please visit Invest in Iceland.
Article image and information from Robert Wessman, Chairman and CEO at Alvogen.